MRC Global Q3 2022 Earnings Report
Key Takeaways
MRC Global reported strong Q3 2022 results, with sales of $904 million, a 32% increase compared to Q3 2021. The company achieved record adjusted gross margin of 21.9% and adjusted EBITDA margin of 9.1%. Net income attributable to common stockholders was $18 million, or $0.21 per diluted share, compared to a net loss of ($17) million, or ($0.21) per diluted share in Q3 2021.
Sales of $904 million, a 32% improvement compared to the same quarter a year ago
Adjusted Gross Profit, as a percentage of sales, of 21.9%, an increase of 60 basis points compared to the second quarter of 2022 and an MRC Global record
Adjusted EBITDA of $82 million, or 9.1% of sales, a company record for adjusted EBITDA margins
Backlog of $773 million, up 4% compared to the second quarter of 2022 and up 49% compared to year end 2021
MRC Global
MRC Global
MRC Global Revenue by Segment
MRC Global Revenue by Geographic Location
Forward Guidance
Looking forward to 2023, the company expects double-digit revenue growth, higher annual EBITDA margins and strong cash flow generation.
Positive Outlook
- Expects double-digit revenue growth in 2023
- Anticipates higher annual EBITDA margins in 2023
- Projects strong cash flow generation in 2023